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Savills : Brighton's property market is an investor's paradise

10/22/2021 | 01:25am

Thanks to the ability for many people to work from anywhere or pop into a central office on an ad hoc basis, increasing numbers of professionals are moving out of London in search of locations with a less frenetic pace of life - something the seaside city of Brighton will continue to benefit from.

"Brighton has always been a commuter hotspot," says Tom Bryant, Savills' head of residential development for the South East. "As more people shift to working in London just two or three days a week, we expect to see greater demand for homes and local, flexible workspaces in Brighton."

With this in mind it makes sense that global private members club group Soho House will be opening a new outpost in the city next year. What will this mean for the destination?"The arrival of Soho House, in a fantastic position overlooking the seafront, will further cement Brighton's position as a 'go to' city," says Bryant. "It also reflects the anticipated demand from young profes- sionals in the creative and tech sectors."

Brighton's digital sector is experiencing significant growth, driven by both capital injections and government funding in the form of the "Digital Catapult". According to

Savills, local companies in Brighton attracted over £500m of capital in 2020, 43 per cent above the 10-year average.

For people thinking of moving to Brighton - or investing in a buy-to-let - what areas should they consider? "Hove has always been popular - and, consequently, expensive," says Bryant. "Its Georgian architecture and stuccoed terraces remain desirable, especially those with views of the sea. There is better value to be had west of Hove, towards Portslade and Shoreham, and north out along Lewes Road, as well as eastwards back into the city centre."

A road-bump for potential buyers is that demand for property in Brighton is outstripping supply. Savills says that in recent years, the city "simply hasn't built enough housing". The estate agency says: "Over the past three years, fewer than 400 new homes have been delivered each year on average across Brighton and Hove. Looking forward, the annual requirement for new delivery is 1,230 new homes."

However, a new flagship regeneration development from Optivo called Home X (home-x.co.uk) will help to address this. Launching next month with 369 studio, one-, two- and threebedroom apartments (with Help to Buy available), Home X will be an entirely new neighbourhood that will give first-time buyers, in particular, the chance to get their "foot on the ladder".

On the market through Savills, Home X apartments start from £231,000 for a studio, going up to £285,000 for a one-bedroom apartment and £381,000 for a twobedroom apartment. Rich Login, director of sales and marketing at housing provider Optivo, says: "At Home X we are seeing interest from many young professionals who want to be close to collaborative coworking spaces and a short distance from Brighton town centre and the beach."

Located on Lewes Road next to coworking space Plus X, Home X is being built as part of a wider £150m transformation of the former Preston Barracks site. The residential development will feature high quality homes with cutting-edge technology, landscaped outdoor spaces, and inspiring, flexible workspaces, all only a short bus journey away from the city centre and beach. Residents will also have access to a concierge service, a wellness space, bike and car club membership schemes, and landscaped outdoor spaces including a podium garden and allotment for growing herbs.

For those looking to invest in a Home X property, what level of rental yield could be expected? Savills says: "The Brighton buy-to-let property market remains buoyant despite the pandemic with average rental yields seven per cent higher than those you would get in London. The average £300,000 apartment in Brighton can expect yields of approximately 4.6 per cent."

Savills adds: "Home X represents an excellent opportunity for any investor's portfolio, with estimated rental income up to £1,900 per month for a two-bedroom apartment. So far, investors at the development have included the parents who are not only looking to provide a place for their children to live while at university, but an attractive rental oppor

AREA GUIDE HOUSE PRICES Source: Zoopla DETACHED SEMI TERRACED FLATS £617,818 £454,824 £498,816 £309,271 TRANSPORT Source: TfL Time to London Victoria From 52 mins Nearest train station Brighton Station 1.

AREA HIGHLIGHTS Being close to the sea is one of the top selling points for Brighton, giving citydwellers the chance to enjoy morning swims, al fresco picnics and promenades in the fresh air.

2.

Soho House is opening a new private members club on Brighton's seafront (Madeira Drive) in early 2022, complete with coworking space, restaurants, bars, a gym and sun deck. sohohouse.com.

3.

One of the best restaurants in town, Med serves inventive, seasonal small plates inspired by countries that border the Mediterranean including Lebanon and Greece. medbrighton.co.uk.

4.

Brighton is a walkable city and The Lanes forms its cultural heart. A network of bustling streets that were once home to local fisherman, they are now crammed with cafes, jewellery boutiques, vintage clothing shops and record stores.

5.

Brighton is known for its thriving LGBTQ+ community and Brighton Pride is a major event on the summer calendar, providing a major boost to the local economy. brighton-pride.org.

PRIVATE VIEW ON THE MARKET IN BRIGHTON THIS WEEK

HOME X, BN2 FROM £231,000 Launching next month with 369 studio, one-, two- and three-bedroom apartments, Home X from Optivo creates a bold new neighbourhood that will especially appeal to first time buyers. Home X apartments start from £231,000 for a studio, £285,000 for a one-bed and £381,000 for a two-bed. Visit home-x.co.uk

AURUM, BN3 FROM £335,000 Aurum is a new seafront development of 52 luxurious one-, two- and three-bedroom apartments and penthouses in Hove. With wraparound balconies and a pastelyellow exterior, the development is a call back to Brighton's famous Regency townhouses. Call Hamptons on 01273 803 191.

ROX, BN2 FROM £399,000 A redevelopment of the former Astoria Theatre site, Rox is a new collection of 70 studio, one-, two- and threebedroom apartments and duplexes, plus two smart town houses. It promises "New York style Central Park vibes" looking over the treetops of the recently regenerated Valley Gardens. Call Rox Brighton on 01273 683111.

The buy-to-let market remains buoyant despite the pandemic, with average rental yields seven per cent higher than those in London

(c) 2021 City A.M., source Newspaper

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